Economics Question:

What is the economy in Bulgaria like?

Answer:

Bulgaria was somewhat hesitant in terms of embracing market reforms. The economy suffered greatly after the fall of communism with standard of living dropping drastically. In the mid 1990s, the economy improved and reforms were implemented. Economic growth has been steady and stable, ranging from 5% to 7% since the late 1990s. Currently its GDP per capita is considerably above that of most developing nations but still considerably lower than that of Eastern Europe's more developed economies, not to mention the post-industrial economies of Western Europe. 15% of its GDP is still derived from agriculture, compared to less than 3% in most developed nations. Unemployment remains relatively high at almost 10% and the country receives roughly $475 billion in financial aid annually. Overall, the nation has overcome many of the problems that have plagued the economy during the early 1990s. Bulgaria remains ahead of most other developing or quasi-developed nations, yet lags behind other former communist nations such as the Czech Republic, Slovenia or Hungary.